discobiscuit

NDX morning update, big picture

NASDAQ:NDX   Nasdaq 100 Index
I have altered my primary count to what I think is more accurate in terms of the largest wave structures. Area in orange ellipse was the "free money" wave (5) of iii, wave (4) that preceded it being a very rare (and incredibly bullish) running flat. For wave v, I have my bullish count in green and bearish count in red. There is a five-wave structure to complete wave v at 18464.70; 18464.70 is also ~1.618 extension of i projected on the origin of wave v, making this top highly technical. If this top plays out, wave v would be short of the median line of the pitchfork, implying a move back towards 10440.64. However, it is certainly possible (and likely) to see bulls continue to push higher to try to get that median line, in which case in would anticipate a monthly higher high, higher low, and then one more higher high to play out for the rest of the year. Tag of the median line could very well coincide with the top of the market.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.